R.I. Gen. Laws § 42-64.28-2

Current through 2024 Public Law 457

Section 42-64.28-2 - Definitions

As used in this chapter:

(1) "Commerce corporation" means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq.

(2) "Employee-owned business" means any entity that is a small business and:

(i) Is, in whole or in part, a workers' cooperative as defined in § 7-6.2-2(5); or

(ii) Has an employee stock ownership plan, as defined in 26 U.S.C. § 4975(e)(7);

(3) "Manufacturer" shall mean any entity that:

(i) Uses any premises within the state primarily for the purpose of transforming raw materials into a finished product for trade through any or all of the following operations: adapting, altering, finishing, making, processing, refining, metalworking, and ornamenting, but shall not include fabricating processes incidental to warehousing or distribution of raw materials, such as alteration of stock for the convenience of a customer; or

(ii) Is described in codes 31-33 of the North American Industry Classification system, as revised from time to time.

(4) "Match" shall mean a funding match, or in kind services provided by a third party.

(5) "Small business" means a business that is resident in Rhode Island, has its business facility located within the state, and employs five hundred (500) or fewer persons.

(6) "Small business manufacturer" shall mean a business that meets the definitions of terms small business and manufacturer as defined herein.

(7) "Targeted industry" means any advanced, promising or otherwise prioritized industry identified in the economic development vision and policy promulgated pursuant to § 42-64.17-1 or, until such time as any such economic development vision and policy is promulgated, as identified by the commerce corporation.

R.I. Gen. Laws § 42-64.28-2

Amended by 2024 Pub. Laws, ch. 117,§ 7-13, eff. 6/17/2024.

Amended by 2017 Pub. Laws, ch. 302, § 2-1, eff. 7/1/2017.

Added by 2015 Pub. Laws, ch. 141, § 19-11, eff. 6/30/2015.